Etisalat Q2 revenue up 20pc, tops $2.6bn

Abu Dhabi, July 23, 2013

Etisalat Group, the leading telecoms operator in the region, reported revenues of Dh9.88 billion ($2.68 billion) for the second quarter of 2013, representing an increase of 20 per cent in comparison to the same period of last year.

This also marks an increase of 3 per cent in comparison to the first quarter of 2013.

During the quarter, Group consolidated revenues was affected by the changing in the accounting treatment of the operations in Pakistan, which was consolidated with effect from January, a company statement said.

In the UAE, revenues of Dh6.303 billion for the quarter were 12 per cent higher than in the second quarter of 2012 and 5 per cent higher than the first quarter of 2012. The quarterly year-over-year growth in revenues was primarily due to customer acquisition, an increase in the revenues of data and handsets sales.

Revenue from international consolidated operations grew by 50 per cent to Dh3.513 billion, representing 36 per cent of consolidated revenues.

Etisalat Group’s first six months 2013 revenue increased to Dh19.5 billion compared to last year’s first six months (H1, 2012) where it was Dh16.5 billion.

“The board’s declaration of interim dividend of 35 fils per share is a strong indication of our steady performance and the success of the Group’s strategic plan, which has been supported by a clear and ambitious vision from our top executives and smooth execution by a talented work force.

“Etisalat commitment to communities and investment in human capital, technology and innovation is enabling growth across our operating markets and this is reflected positively in the results.

“These results demonstrate that Etisalat Group is absolutely on the right track and able to continue to add value to its subscribers, shareholders, employees and the communities it serves,” he added.
The number of Etisalat Group’s aggregate subscribers grew to 143 million by end of June 2013, representing growth of 14 per cent compared to Q2,2012. The Group reported strong net additions of 18 million subscribers as a result of growth across all of its operations.

Net Profit and EPS

Consolidated net profit post Federal Royalty increased year-over-year by 6 per cent to Dh 1,976 million which was achieved through higher EBITDA and higher share of profit from associates.

Earnings per share (EPS) reached Dh0.25 representing an increase of 6 per cent as compared to last year.

The Board of Directors has also approved interim dividend distribution for the six months period ended June 30 at the rate of 35 fils per share out of total payment of 70 fils per share for the whole year of 2013. – TradeArabia News Service